The company YourOwnROOM will use the infused financials to scale the assets under its management to up to 25,000 and add Executive Housing for the premium property, over the next few years.
Also, the YourOwnROOM is now looking to expand its operations into 25 micro-markets in Bengaluru and Pune.
YourOwnROOM was started by Prabhat Kumar Tiwary and Sachin Joshi in 2016. The platform supports students, families and professionals find residential accommodation by connecting the tenants with the landlords.
The company YourOwnROOM also claims to be in advanced talks with developers and landowners to sign a five to ten-year lease for large property it wants to convert into executive housing. The company has also initiated talks for Pre-Series A to scale its beds to one lakh in the next five years.
It also claims to manage over 1,500 beds across Bengaluru and Pune, both of which are a hub for its target customers.
Also, it claims profitability with an annual sales run rate of $1 Mn and an order booking of over $4 million.
Furthermore, IBEF report suggests, real estate sector in India is expected to reach a market size of $1 trillion by 2030 from $120 billion in 2017 and contribute 13 per cent of the country’s GDP by 2025.